Commercial Hard Money Loans - Application Information

Please read this very important information. If you need to fund in a hurry, be prepared to convey in detail to 4 DAY MORTGAGE the following 6 critical points. Then go to the online loan application or construction application and fill out the requested information.

Collateral:

	What is it? Where exactly is it? Describe the surroundings.
	Have there been improvements? Exactly what? Additional sq. ft? Cost?
	If income-producing, provide current rent role. Current expenses.
	If necessary, will you cross-collateralize? If so, be prepared with detailed info on the additional collateral.

Collateral Value:

	Do you have a copy of the appraisal? When was it done and in whose name?
	Is it liquidating value, as-is value, or as-completed value?

Project Description:

	What is the big picture? What is the plan?
	How does this compare with other similar properties (or developments) in the same area?
	Why will this property/project work?
	What are the positive points of the property/project?
	What are the negative points of the property/project?

Loan Amount and Purpose

	How much do you need? Exactly what for?
	Is this loan to facilitate the collateral's acquisition? For construction? For infrastructure costs?
	Is interest reserve required?

Loan Type:

	Will the loan be in first lien position? Second? Mezzanine?
	What are all current liens on the property?
	If this is a second lien, has first lienholder approved additional liens?

Timing:

	How quickly do you really need to close?
	Why? (Purchase contract expiring? Existing lien coming to term?)

IMPORTANT INFORMATION TO KNOW